APPLICATION FOR RECOGNITION PURSUANT TO PART 11 AND THE THIRD SCHEDULE OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018

Dear Sirs

APPLICATION FOR RECOGNITION PURSUANT TO PART 11 AND THE THIRD SCHEDULE OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018(1) SAPURA FABRICATION SDN. BHD. & (2) SAPURA OFFSHORE SDN. BHD.HC/OA 921/2023 & HC/OA 922/2023

NOTIFICATION NO. 5

1. We refer to the above matters and our previous notifications. Unless otherwise stated, we adopt the abbreviations used in our previous notifications.

2. Please be informed that the Recognition Applications in HC/OA 921/2023 (“OA 921”) and HC/OA 922/2023 (“OA 922”) were granted by Honourable Justice Vinodh Coomaraswamy (the “Judge”) during the hearing on 20 November 2023 at 2.30pm (Singapore time).

3. For OA 921, the Judge granted the following relief in favour of Sapura Fabrication Sdn Bhd:

i. The reorganisation proceeding in relation to Sapura Fabrication Sdn. Bhd. (the “Company”) (the “Reorganisation Proceeding”) be and is hereby recognised by the High Court of Singapore and in Singapore as a foreign main proceeding within the meaning of Article 2(f) of the UNCITRAL Model Law on Cross-Border Insolvency as adopted in Singapore by way of Part 11 and the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Model Law”).

ii. For the purposes of applying for and obtaining this order, Datuk Mohd Anuar Bin Taib, Chew Seng Heng and Melissa binti Lokman, being the persons authorised to act as the representatives of the Company pursuant to a board resolution in writing of the Company dated 11 March 2023 and the orders granted by the High Court of Malaya in Kuala Lumpur (the “Malaysia Court”) on 8 March 2023 and 6 June 2023, be and are hereby recognised by the High Court of Singapore and in Singapore as foreign representatives within the meaning of Article 2(i) of the Model Law (the “Foreign Representatives”).

iii. Subject to paragraph 4 below, so long as the Reorganisation Proceeding is in force, except with the consent of the Foreign Representative or with leave of the Court (subject to such terms as the Court may impose):

commencement or continuation of individual actions or individual proceedings concerning the Company’s property, rights, obligations or liabilities be and is hereby stayed;
execution against the Company’s property be and is hereby stayed; and
the right to transfer, encumber or otherwise dispose of any property of the Company be and is hereby suspended.

iv. The stay and suspension mentioned in paragraph 3 above shall be:

a. the same in scope and effect as if the Company had been made the subject of a winding up order under the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018); and

b. subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under the laws of Singapore in such a case.

v. The Company is to apply to this Court to lift the effect of paragraphs 3 and 4 above within seven business days of the Restraining Order (as defined in paragraph 4 of the order of the Malaysia Court dated 8 March 2023 and paragraph 2 of the order of the Malaysia Court dated 6 June 2023, both orders made in Originating Summons No. WA24NCC12103/2023 filed on 3 March 2023 in relation to the Company terminating for whatever reason.

vi. The Foreign Representatives, the Company, any person claiming to be a creditor of the Company and any person whose interest may be affected by this order shall have liberty to apply for directions in relation to its interpretation or implementation.

4. For OA 922, the Judge granted the following relief in favour of Sapura Offshore Sdn Bhd:

i. The reorganisation proceeding in relation to Sapura Offshore Sdn. Bhd. (the “Company”) (the “Reorganisation Proceeding”) be and is hereby recognised by the High Court of Singapore and in Singapore as a foreign main proceeding within the meaning of Article 2(f) of the UNCITRAL Model Law on Cross-Border Insolvency as adopted in Singapore by way of Part 11 and the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Model Law”).

commencement or continuation of individual actions or individual proceedings concerning the Company’s property, rights, obligations or liabilities be and is hereby stayed;
execution against the Company’s property be and is hereby stayed; and
the right to transfer, encumber or otherwise dispose of any property of the Company be and is hereby suspended.

iv. The stay and suspension mentioned in paragraph 3 above shall be:

the same in scope and effect as if the Company had been made the subject of a winding up order under the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018); and
subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under the laws of Singapore in such a case.

v. The Company is to apply to this Court to lift the effect of paragraphs 3 and 4 above within seven business days of the Restraining Order (as defined in paragraph 4 of the order of the Malaysia Court dated 8 March 2023 and paragraph 2 of the order of the Malaysia Court dated 6 June 2023, both orders made in Originating Summons No. WA-24NCC-121-03/2023 filed on 3 March 2023 in relation to the Company terminating for whatever reason.

5. We will continue to keep you updated on material events and any further directions from the Singapore High Court. Thank you.